I had an original xbox with a ton of games and controllers and could only get 100 for it. Almost better to donate it as a tax write off

Hamilton

12-16-2009, 11:02 AM

x2 on the tax writeoff for donation...that is over 1k worth of merch...you'd see more than 125 of benefit on your tax return if you donated it to goodwill or similar...

jeremy

12-16-2009, 11:25 AM

x2 on the tax writeoff for donation...that is over 1k worth of merch...you'd see more than 125 of benefit on your tax return if you donated it to goodwill or similar...
Hmmm....so what would I do...just donate it to Goodwill, get a recept, and turn that in with my taxes?

Hamilton

12-16-2009, 06:48 PM

Hmmm....so what would I do...just donate it to Goodwill, get a recept, and turn that in with my taxes?

Essentially yes, I don't think you have to send the receipt in with your 1040, but definitely need to keep it on file in case they question you on it...I use turbotax and has a built in donation module, so I may be missing some of the fine details in my explanation...

John

12-17-2009, 07:16 AM

If you do not itemize your deductions, you will not be able to write off any donations.
If you take the standard deuction on your taxes, your donation will not be deductable.